After losing money for the last few years, the Greek banking sector seems to be on path to recovery. Amongst four pillars of Greek banking system, Piraeus Bank (OTCPK:BPIRY), the second largest lender in Greece by assets stands out as a pure play on Greek economic recovery.
On Friday, August 29, 2014, the bank reported net profit of €164.3 million for Q2, which was complete reversal from a loss of €246.6 million in Q1 not to mention analysts were expecting it to post a loss in the neighborhood of €133 million. However it should be noted that this profit includes a €144 million gain following fair value recognition of MIG corporate restructuring transaction, a gain of €56 million...
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